The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-10-05

which more will DO said hereafter) stated
that cha trspsiormstion (the sale OF lants)
was wise one" This should tettlo the
non liability OF TIE STATE 10 show how
utterly unjust !, the M" nsrs,; 20 nlia NE
ssia = lands on credit Though she has, In |
fact. paid in full the amount, with legal in |
terest their on), let US submit some hgure'. |
In 1898, when those lands we're sold, the |
United States held IN NE . St sSr ., M TSs
ayersse of The lands sold BY the government
during the year 1888 was 81 p.r acre.
Now, suppose we put the Z',Ao acres
sold Tor the seminary fun d at double TIE av-
ersss the amount reaiiieI sou S1r aq Sp ~ nnss
State has accounted for aud paid to tho uni
yersity, with o per cent. interest, moro than
four times the amount when ths cash sales
would have realized. The Lesislatnre, like
a prudent trustee, would nov siVw .he trust
II appears from the House iournal Of ls4l
that there had been tl6,iS9 OF this fund paid
into The treasury. How II got tnere can't
lind out, as there nowhere appeir, any au-
thority for the money 70 DC p,scea mere un-
states that up 10 tnat time, only sS,5iS 76
had been collected and paid into the tre,s,
ary. In TO February q, .lsis, there bad
been collected OF this fund, s9SOoI w. ac-
cording TO the statement OF Treasuters clark
show S 81, os9 collected, msfins Total Paid
into The treasury Of Si29, Nj 50. You will.
hope, remember this, when " Is ,hosn that
the State has paid 70 the university SLIM
SS9 40. The Lesislature passed "a act IN lstS
lsee II. w.. pp., 20, sec. II umeeuns WY
thereafter paid into the state treasury, al
lowing a rate of per cent. interest. Cen.
Clarks reI oft showed, July %, 1877, . bal
ancc due the fund Of sl02 sll 40, and Treat
ufcr Griffith. following hi 81 sIs IN st ~ ,S
bsIance was found. after deducting $1,000
for the erection Of buildings Tor the uni.
yersity, making si2s,oll 10 accounted Tor on
payment Into the treasury Of only sss,oII US.
By the Section II referred 10, the treasurer
was requested "te kesp o separate and ds
tinct a. count Of ali the moneys herstofore
and hereafter paid INTO tn, treasury OF
the State on account tftho seminary una,
with interest at 8 per cant. fot moneys mere.
| ts'o;e paid, and at the rate OF per cent. i9r
all moneys due from he.Stae 20 said tund.
| Tho trouble arose over the last words OF the
| clause-"ail u onsys due from the state 70
| raid fund.-" For when the Treasurer had
| on July 8, 1888, credited the amount there
tofore paid In with interest and then on
tho nsxl 18th or July he came 70 maj make I'm, ,ne
the state TO said fund, be found
that the State, according TO his entries, Owed
tho fund not only the 2 inelph Bat el,9 the
interest. THIS eleventh section, OF 1888 was
not only m ade 10 do duty a. authoriIlng the
| payment Of com pound intorest ats per cent
| on the fund paid into the easury, but u 4
nov claimed TO mean an acknowledsmento Of
i the liability Of the State 10 the university
| fund for all the uuc objected portion OF II. In
ls4S the university went into active optre'
| tion aud $3.50 ~ was apron ated annual
IL besides, tho Treasurer was TO credit the
university w,tn per cent. per annum on
| the sum then and thereafter on bis books.
According 20 Treasurer Gin his report
70. H., February ., lSis, tho entire debt do,
tbs university IRON tho STATE was slOi,S2l ~
In 1884 another &C, was passed glyins S.OV
n year more 10 the university. This act pro
ceeded on tho ides that the amount OF tn
fund, via, s1s.bll so, should be pre.'rv,d a
capital, aud In 1850 500 additional wss Al
iaturs, Of 1875 std 1850 would have thu
further endowed the Institution " II ha
been asserted By the truttees, or tup2 cd
the Legislature, that he State wa, tnd.ete
to the university not 70 the SUN Of ~ 5ll =
Griai,h. but Ia the whole amount u Il
sales Of 1893, with u n pie interest 10 lsiS, at
compound interest ~ 5 per cent. ate
ward. In 1854 1900 more was Above
fer, law pro sssors nip. .,..
the stated 40 cunts Of Tresurers clark an
Grinith. There vss not a whisper or tusp
cioh 10 the contrary, In that year a petitio
from the uu'tees asked for more libe,aI OF
sS . 'SS..;.la: Ss Mr. IN. 'i BOARD iA: %. Il
] wv. come 70 you ubs esi,la,ur
J as supplicant a.tip gmors liberal donsti ~
etc." Not one word wa, said OF iatlm.t
: thai the state Owed TIE unisersity. more thi
. a owe stated. BIt tvsntl 1--we dag. ate
Mex he .s sS .1i ss 'sSs @ ne.
. coyeries and the sefnina y fund amount
: TO $500 900; Where he sot "a. inforpstion
ippe.,iels to iny u, !. 4 no, e Be ,oS
q dated back 30 1870. uoyefnar MoltAe 1S,
= 6su |, d on the basis Of Mr.. Thompson. ~
= | his meftaRer vas In substance MI. Tho N
. sons report. that III. deb Nth irtore
. pIi6esiion 81 the amount Was a sort OF lite
ary and financial necessity TO secure porit
. harmony with their other assumption %
. the ele zenith section Of the at 81 la3 b
, both an anita. foeial ard q postmoftsm Wig
Q before H. 9 inception and after its death.
Nov let II be noted ihst this mevsgs
4 Gov. McR Q. submitting he report OF "
. Thompson, was sent TO the Legi'l.iure
fe.ra ~ .. lSS, !s,, IA nS;S,Ip: m sSS,
] was not referred 70 any committee u VI
. not tie subject Of any motion or rec lutio,
n II va, not not esd In any was .whateVef
!, | either House or by any member OF eth
: uou .. The rspon Of MT Ihonp,or b.
/
Q tees In the Lssi,lAtnre, viIi judge hhsrk.
{ Who had presented the memorial 81 q
. beard, on the rs b a. Januar'I Geo. " arl
: CLARK, III, Hon. j. W Iispp IN the Hous
!. and the don I'ase paw. 10 the ssna,
ssntsd on January Is. ald not one of the
: had gned the report, not one Of hen ma
any motion or took any action 10 relation
2 Il uhstevsr.
TggLFgIsLk1URE oPigs.
! Among III, members 81 tba, Jssi,lAiu
4 vas the hrilliant yet profouhd W. ,. Barr
the speaker o. the House, uho had fhO'
his interest In the u.ivsrsiy BY ohtrinI
= III 20 giant, a. n iu,thsr sndoumept %
a university, the ttste's share Q he sllss
y public lands diftfibu'ed under the act
. Coz gfe,, o 1871, and Who 10 TO be 'ucces
cd By a worthy tea VI the uett Isfislaiuf
thsrs was the brilliant ard i'm petuous ".
!; southworih. uhoss al wouid hatetev ~
= ". AID who though nov dead lives ~ I
q D, rson Of = son Who ~ben 'carcelg Of 4
!. ase won honorable tepuistiop 10 tbs 81
y hodyg Alsg the clear hsaftd ]. v. II
: dali. who ,pusndsr,d h, Y (, ioi b., s.u
2 the sltsusnt and tallAht kutry, uho Al
: save No his youbs add glorious NE for
counfry snd tue osfsfdi, paiuftati Ing Of
talented Cu,hman, from the tosn 81 rfoi
:. whose whole lsgi,latlys e had been y
'. mi, eslv. Ard there vas Reuben Dav
70 one Of the sbie,t lawyer To the STATE, co.
DINING impstuosity With e0olnss, teal
NJ f.r hot srsbls dssliLst bttssen men thon
~ apt somstimss TO 40 Attrsy hsm fivins v
I, too far 70 the Iromptinss q an bahors'
~ lmpal,s. 1hsr. also, -sie ihsrs Col. tee
TIE slseplets watohdos Of the tfsa.ui
whose melancholy and ubunsly fac OIL
W t-e state With sioomi asd jude Foo
whoss career then gave pr MI u ths be
:, orable aed useful seivlc. be attfva'd n
~ dered 20 q Q Z tatsl and John W, boa pee
'" one Of the bs,t lawyer 10 the state, sud o
o. thu most useful and honofabie uIel
And there vas ths'e Alfb JamN n. VI
~ thevs, one Of the ab est nsn Who ever ssfv
the State, not excepting bis bfpihsff 20
Matthews. lie wa. especially. quslihsd
detect the errors q "oy. heNss an